Kutak Rock Serves as Bond Counsel for Rhonda’s Place – A Supportive Housing ProjectNews | October 18, 2021
Kutak Rock served as bond counsel in connection with the issuance by the City and County of Denver, Colorado of its Multifamily Housing Revenue Note (Rhonda’s Place), Series 2021A in the amount not to exceed $9,000,000 and its Multifamily Housing Revenue Note (Rhonda’s Place) Taxable Series 2021B in the amount not to exceed $2,660,669. The Notes were issued for the purpose of financing a mortgage loan to Rhonda’s Place, LLLP to provide for the financing of a 49-unit multifamily supportive housing facility located at 211-225 South Federal Boulevard in Denver, Colorado, known as Rhonda’s Place.
The units will provide supportive housing for people experiencing chronic homelessness. The complex will offer services such as independent living skills training, on-site addiction recovery services, case management, nurse practitioner visits, education programs, benefits assistance, psychiatry appointments and transportation to grocery stores and doctor visits. The housing project will consist of one-bedroom units for people with a maximum income of 30% of the area median income (approximately $22,000 per year). The monthly rent will be approximately $1,238 for each apartment; however, residents will pay no more than 30% of their adjusted gross income to rent, with the rest covered by project-based vouchers.
Construction will be complete in December 2022.